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Venezuela to pay billions of dollars in compensation to ConocoPhillips

US oil company ConocoPhillips has been awarded USD 8.7 billion in compensation from Venezuela, after the country has previously nationalized part of its oil production.

Photo: Ritzau Scanpix/AP/Mathias Delacroix

Venezuela will pay USD 8.7 billion to US oil major ConocoPhillips in compensation for the expropriation of oil by the country's former president Hugo Chávez, held a ruling from the International Centre for Settlement of Investment Disputes (ICSID).

According to the World Bank, Venezuela violated international law in 2007 when it took over three oil projects belonging to ConocoPhilips. This leaves the oil giant as the largest victor among the companies seeking compensation from Venezuela.

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